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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only Ask Ben Why". Just Ask Ben Why. 2015-06-22. Retrieved 2018-05-12.

a b "Publication 925 (2017), Passive Activity and At-Risk Rules Internal Revenue Service". www.irs.gov. Retrieved 2018-05-12.

What Is Residual IncomeIn the personal finance world, the word residual income actually has two different definitions. First, residual income can be thought of as the amount of money you have left over after accounting for debts, normally on a monthly basis. Fundamentally, its own expendable income.For a visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income every month is very good, but it isnt what exactly were concerned with in this piece.

Rather than earning an hourly salary, residual income is usually generated through an initial investment of time or money with the goal of earning continuous payments. Once the initial investment, product, or service is created, the ongoing income that's earned is generally passive in nature.Why Should You Build Residual IncomeDeveloping residual income is an important part of building long-term riches.

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Even when you saved enough to give retirement a shot, youd be taking a huge gamble. Without residual income, the only thing youd have to live on is that the money you've saved. Once it is gone, its own gone.But, by sticking your money into a 401(k) or other retirement account, your stash doesnt just sit there; hopefully, it is going to grow and continue growing for years to come.The more residual income you can construct, off the better youll be.

By creating passive income flows which generate money while you sleep, youll build wealth faster and diversify the ways youre able to make money which helps protect you from the loss of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many cases, it takes a lot of hard work with no guarantee of a return.With that said, I think its super important to construct as many passive income streams as possible.

So, if that sounds like a good idea to you, have a look at this list of easy ways to make residual income and get started right away! .

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You can work your butt off to make money but youll never get anywhere until you start making passive income. I make money visit this website on seven different income sources but some of them require a lot of work.

Passive income is money you make from a solution or an investment where you dont have to do any more work after you put it up. That means consistent cash flow each month whether youre working or not.

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Thats the only real way to financial freedom. Passive income is the only way that you will ever be free from worrying about money and the only way you will ever achieve financial independence.

Im going to discuss my seven favorite passive income sources, income flows I use to create money every month. Now Im not going to sugar coat this, some of them are going to take work but will mean thousands a month you can count on.

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Im going to begin with the simple passive income ideas, the ones which you can start making money on instantly and will operate through into the ones youll make the maximum money on as we go through the list so be sure to visit our website stick around to catch those last couple of passive income plans. .

Our very first facet holiday idea is with bargain websites like Swagbucks and TopCashBack. Now these are actually two different kinds of passive income thoughts since theyre different kinds of websites.

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Swagbucks is a get-paid-to website so that you get paid to do things such as take surveys, play video games, watch movies and try out free product samples. Doing all these, you earn points that are usually convertible to one hundred points for a buck.

Now this isnt something thats going to make you rich but you can earn some legit money for less than an hour of your time. Swagbucks consumers have redeemed over $344 million in rewards for gift cards and Amazon rewards.

Now Ive been using Swagbucks for a little while and have found the money works out to just under $2 an hour this isnt something thats going to make you wealthy. Youd need to operate 2,500 hours to make $5,000 so thats approximately three and a half months, non-stop. The thing with Swagbucks though is that you can do it when youre doing something else so I flip more tips here through polls and other stuff whilst I'm cooking dinner or even flipping channels. .